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EARNINGS RELEASE: Q3 2018-19 Summary Consolidated Financials

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EARNINGS RELEASE: Q3 2018-19 Summary Consolidated Financials EARNINGS RELEASE: Q3 2018-19 Mumbai, 15th January, 2019 – Network18 Media & Investments Limited today announced its results for the quarter ended 31st December 2018. Summary Consolidated Financials (restated for current structure of ownership) Q3FY19 Q3FY18 Growth 9mFY19 9mFY18 Growth Consolidated Operating Revenue (Rs Cr) 1,524 1,267 20% 3,885 3,430 13% Consolidated Operating EBITDA (Rs Cr) 88 75 18% 200 134 49% Network18 reported an 18% YoY jump in operating EBITDA to Rs. 88 crores in Q3FY19, despite continuing investments into recent launches Colors Tamil and Colors Kannada Cinema. Operating revenue rose 20% YoY led by advertising tailwinds, successful movies like “Andhadhun”, and healthy growth in subscription income. Operating leverage drove profitability, especially led by continued strong performance of regional channels across both our news and entertainment portfolios. Highlights for the quarter The industry ad-environment was buoyant during the past quarter, though ad-spends were more concentrated around festive season and strong properties than previous years. Broadcast subsidiary TV18 posted 22% revenue growth on a comparable basis: . Growing ad-spends in regional channels (news, led by regional elections; and entertainment, driven by rising consumption and value-perception) was a consistent theme for the TV18 channel portfolio. Subscription revenue for our entire bouquet grew 13% YoY. Compelling bouquets have been created and advertised along with a-la-carte channel pricing, as per the new TRAI tariff order which promises to increase transparency in the broadcast value-chain. News bouquet (20 channels) cemented its #1 position, with TV18’s viewership share in news rising to a highest-ever 11.5%: . News revenue grew at a robust 16%. Regional news revenue grew 27% YoY led by the viewership share of our regional news cluster rising further to 6%, vs 2.5% two years ago. Hindi News channel News18 India solidified its #2 ranking, emerging as the primary engine of growth. The overall English news genre continued to face pressure. Our genre-defining Business news channels maintained top positions amidst choppy markets. Regional News losses have shrunk 68% YoY to Rs 9 Cr: Rise in Government/ election-related ad- spends substantially pruned gestation losses of our 8 regional channels launched over FY15-17. Active cost control and efficiencies of scale also played a key role in reducing the drag. Entertainment bouquet (Viacom18’s 31 channels + AETN18’s 4 infotainment channels) is #3 amongst national players, with share of entertainment viewership maintained at 11.2%: . Entertainment portfolio revenue grew 23% YoY. As stated in previous quarters, some high- value-and-impact Hindi GEC programming at Viacom18 was strategically shifted from H1 to H2, to coincide with market-appetite. This has resulted in improved topline growth, and has expectedly also partially limited the margin-expansion for the quarter. The Movie production & distribution revenue under Viacom18 motion pictures was Rs 106 Cr, vs a low base of Rs 20 Cr in Q3FY18. Regional entertainment channels continued their viewership and monetization improvements across most of our geographies. Business-as-usual margins continued to rise: Entertainment EBITDA includes operating loss of Rs 31 Cr on account of new initiatives - Colors Tamil (launched in mid-Q4FY18) and Colors Kannada Cinema (launched in late-Q2FY19). Adjusting for operating losses of these new initiatives (i.e. launches made over past 4 quarters), BAU margins for Entertainment grew to 8.3% from 6.4% in Q3FY18. Entertainment EBITDA also encapsulates investments into projects planned for launch in coming quarters, as well as properties that were launched more than 1 year ago but are still under gestation. Network18 digital content properties reach 24% of total news consumption audience: . Network18’s digital revenues from prime properties MoneyControl, News18 & Firstpost grew 27% YoY to Rs 45 Cr in Q3. Other businesses including content production and print dragged overall revenue growth. Operating margin fell due to investments in revamp and extension of MoneyControl and Firstpost brands. While MoneyControl took initial steps to venture into transactions (mutual fund distribution) with the launch of MC Transact; Firstpost shall soon be extended to discerning Print audiences through a weekly news-edition. Cricket portal CricketNext (#3 portal in India) was relaunched with a dedicated app. Traffic on Regional News content on News18.com rose 55%, indicating the rising strength of the brand and the tailwinds in vernacular consumption in digital too, alongside broadcasting. Leading entertainment ticketing platform BookMyShow entered into Live event production with world’s largest live entertainment company Cirque Du Soleil with their newest production show “Bazzar”. The show which was held for the first time in India in Nov-Dec18 at Mumbai & Delhi got an overwhelming response. The scheme of arrangement for the merger by absorption of wholly-owned direct and indirect subsidiaries of Network18 and TV18 with the respective parent has been approved by the National Company Law Tribunal (Mumbai bench). The scheme has become effective from 1st November 2018, the appointed date being 1st April 2016. Accordingly, comparatives have been restated to include the financials of the transferor companies. The income-tax provision for the current quarter and nine months ended 31st December 2018 includes the impact of merger. Mr. Adil Zainulbhai, Chairman of Network18, said: “Regional content consumption continues to see robust growth across all parts of the media industry that we play in, whether broadcasting or digital; and straddling news, entertainment and film. We continue to invest in digital with an eye on the future. We are extending our powerful brands across geographies, business models and mediums, to create the most compelling portfolio of properties in the opportunity-laden Indian media sector. Network18 Q3 FY19 Investor Update- 15th January 2019 Page | 2 Financials for the quarter OPERATING REVENUES (Rs Cr) Q3FY19 Q3FY18 Growth 9mFY19 9mFY18 Growth a1) National News (Business + General) 220 196 12% 593 506 17% a2) Regional News (ex IBN-Lokmat) 70 55 27% 198 154 29% A) News (TV18 Standalone) @ 290 251 16% 791 660 20% B) Entertainment (Viacom18+AETN18+Indiacast) * 1,185 960 23% 2,970 2,613 14% C) TV18 Consolidated # 1,475 1,211 22% 3,761 3,273 15% includes: Subscription 328 292 13% 940 835 13% D) Web Digital, Print & Others 49 56 -13% 124 157 -21% E) Network18 Consolidated # 1,524 1,267 20% 3,885 3,430 13% OPERATING EBITDA (Rs Cr) Q3FY19 Q3FY18 Growth 9mFY19 9mFY18 Growth a1) National News (Business + General) 56 49 13% 115 103 11% a2) Regional News (ex IBN-Lokmat) -9 -29 NM -54 -97 NM A) News (TV18 Standalone) @ 47 20 130% 61 6 853% B) Entertainment (Viacom18+AETN18+Indiacast) * 68 61 11% 201 168 20% C) TV18 Consolidated # 115 82 41% 262 174 50% D) Web Digital, Print & Others -27 -7 NM -62 -40 NM E) Network18 Consolidated # 88 75 18% 200 134 49% There have been realignments in corporate structure for group simplification, as outlined below. The above representation assumes the current status of ownership throughout, for comparability purposes; and hence will not match reported financials. @ TV18's 100% subsidiary Panorama housed 13 regional news channels, which has now been merged into parent. # Viacom18 and Indiacast became subsidiaries of TV18 from 1st March 2018. Further, HomeShop18 ceased to be a subsidiary of Network18 from 1st Feb 2018 on its merger with ShopCJ. * Viacom18 and AETN18 are 51% entertainment subsidiaries of TV18, while pure-distribution-arm Indiacast is a 50:50 JV of TV18 and Viacom18. TV18's 24.5% minority stake in Telugu entertainment associate Eenadu TV is not included here. Network18 Q3 FY19 Investor Update- 15th January 2019 Page | 3 Business Performance Network18 - Television Operations Network18’s listed subsidiary TV18 owns and operates the largest network of channels – 55 in India spanning news and entertainment. We also cater to the Indian diaspora globally through 16 international channels. o News – National & Regional (20 domestic channels) . TV18 News bouquet’s overall viewership grew further to 11.5% of the news universe, cementing its #1 position. The bouquet has the largest number of news channels in India, and reached 573 mn people in Q3. CNBC TV18 maintained #1 rank in the English Business News genre with 67% market share in Q3 FY19. During market hours (Weekdays, 8 AM to 4 PM) CNBC TV18 maintained an even higher share of 76% and was #1 in the genre. CNBC Awaaz continued its leadership in the Hindi Business News genre with 62% market share. CNN News18 garnered 12.3% Market share in All India & maintained its #3 rank. English News genre continues to face headwinds. News18 India rose to the #2 rank in Hindi News Channels in HSM in Q3 FY19 with 13.9% market share, within a highly competitive and cluttered genre. In Evening Prime Time, it was the #1 ranked channel in metros. Our Regional News cluster has the highest reach and viewership in the country; with 536 Mn audiences tuning into the network and viewership share at 6% of all news. News18 Rajasthan and Bihar/Jharkhand continued their #1 and #2 rank in their respective regions. Substantial improvements in viewership were witnessed by our channels in important territories of Madhya Pradesh/Chhattisgarh, Punjab/Haryana/HP, and Tamil Nadu. o Entertainment – National, Regional & Digital (31 domestic channels) . Flagship GEC Colors was #3 pay-GEC in Urban HSM, with a ~16% viewership share. Viewership share across all GECs in Urban+Rural was maintained at 9.5%. ‘Naagin Season 3’ continues to be the #1 fiction show across Hindi GECs. ‘Tentpole property Bigg Boss Season 12 was launched in mid-Sep ’18, and has witnessed strong traction and monetization. Rishtey Cineplex maintained it #3 rank in the cluttered Hindi movie genre with a 9.3% viewership share, in line with channels that have much larger movie libraries.
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